First Solar expanding with California plant
First Solar will build a new solar plant near El Centro, Calif.
First Solar Inc. is building a new power plant in California and will have a new board member in CEO James Hughes.
The company made both announcements on Wednesday, around the time it sent out its second-quarter financial reports that showed it making $111 million for the three months that ended June 30.
The Tempe-based company (Nasdaq: FSLR) will build a 139-megawatt power plant called Campo Verde Solar Project near El Centro, Calif. Power from the plant will go to San Diego Gas & Electric on a 20-year agreement.
It marks the first deal between First solar and San Diego Gas & Electric. The project is expected to start construction in the next few months and will be done in 2013.
The plant will be owned by First Solar and US Solar Holdings LLC, with First Solar having the rights to buy the entire project.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.